The five commercial condominium units totaling 3,668 square feet in the El Cortez at 702 Ash St., San Diego 92101, have been sold for $1,415,000.
The buyer was Crown Investments LLC, 3978 Sorrento Valley Road, Suite 100, San Diego 92121. George Salameh is the president and manager of Crown.
The acquisition was financed with a loan of $910,000 from California Bank & Trust.
The sellers of the property (assessor's parcels 534-032-04-01 through 05) were ABAC #2, LLC and ABAC #1 LLC. The Longonot Trust is the sole member of both sellers, and Anthony P.A. Block is the trustee of Longonot.
The hotel opened in 1927 and closed in 1978. The property, designated locally and nationally as historic, was sold and bought a couple of times before opening in mid-2000 as an 85-unit luxury apartment complex.
Subsequently, the property was converted into condominium units.